Yellow Pages -  Business Directory Plus
Detailed Weather Reports, Event Calendar and Movie Showtimes
Home - Set as Homepage - Add to Favorites - Contact Us
Discover Paris TN,  Henry County Tennessee
Discover Paris TN,  Henry County Tennessee Photo Gallery and Video Gallery
Detailed Weather Reports, Event Calendar and Movie Showtimes Saturday - September 23, 2017  
Yellow Pages -  Business Directory Plus


 
Information Articles for the Paris TN and Henry County Tennessee area

Articles

Information Articles for the Paris TN and Henry County Tennessee area

Frazier Allen: Double-Check Before Filing Your IRS Return

By | March 12, 2016 | Email This Post Print This Post
 

It may seem like common sense, but going back over the information you enter may be the most important part of your tax filing duties.

F&M Investment Services - Raymond James - Clarksville, TNClarksville, TN – It’s tax time. And as you work with your advisor or tax preparer to maximize your refund, or at least minimize what you owe, keep in mind that one of the most important things taxpayers can do to limit errors is to double-check the information they input into software or a printed form.

It may seem like common sense, but going back over the information you enter may be the most important part of your tax filing duties.

Frazier Allen

Frazier Allen

As you know, it’s very easy to put a figure on the wrong line – in fact, one of the most common errors is not putting in the right SSNs for you, your spouse and your dependents. An error like that can cause a significant delay in the processing of your return or, even worse, could trigger an audit.

So do make an effort to recheck what you’ve entered before moving to the next line or screen.

While you’re going back over your return for wrong entries and typos, take the time to look up numbers such as cost basis for investments sold and real estate tax paid, rather than estimating. And double-check your math, too, because according to the IRS the most common math error in tax year 2012 was a simple tax miscalculation.

Here are a few other tax filing tips for you that may help you do better with Uncle Sam this year:

  • If you looked for a new job last year, add up the cost of creating resumes, employment agency fees and travel expenses for interviews for jobs in your current of line of work as these expenses may be tax deductible if you itemize.
  • Reduce your taxable income by making contributions (right up until the April 15 filing deadline) to tax advantaged accounts like a health savings account, traditional IRA or SEP IRA if you have self-employment income.
  • While you’re at it, review the income limitations for breaks such as deductible IRA contributions, which rise annually. Depending on how your tax situation has changed, you might be eligible now even if you weren’t before.
  • If you work out of your home, rather than laboriously itemizing for your home office deduction, use the simplified option of calculating five dollars for every square foot of your home you use as your office, up to 300 square feet for a maximum deduction of $1,500.
  • And file your taxes electronically. It’s the safest, easiest and fastest way to file your taxes, and you will get your refund quicker if you request direct deposit.

Be aware that the IRS never contacts taxpayers by email. If you receive an email appearing to come from the IRS about your returns, beware. It is likely a phishing attempt to get you to share sensitive information about yourself. If you receive an email like this, forward it to phishing@irs.gov.

It’s always best to seek the help of a professional. If you don’t already have a tax advisor, consider working with one this year to see if together you can uncover new ways to turn your tax return in your favor.

Be Sociable, Share!
 

About Frazier Allen

Comments

Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!

You must be logged in to post a comment.

 
|Home|Articles|Movie Theatre|Photo Gallery|Weather|Contact Us|
 
 
©2008 Discover Paris TN, Paris TN Web Design and Hosting by Compu-Net Enterprises.